Answered: control for Bidding activities under…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

177.Which of the following is not a typical control for Bidding activities under the Purchase-to-Pay process?

Group of answer choices

Management has established minimum competition criteria for the bidding process; generally, a minimum of three bids, except in sole-provider situations, where detailed documentation is required to demonstrate there are no other eligible vendors in the marketplace.

Management obtains reliable documentations to verify that potential bidders are financially stable, reliable, and technically competent, such as audited financial statements, certificates of insurance, reliable and recent references, and certificates showing quality standards are met

Appropriate internal procedures are in place to protect the recording, handling, storage, and assessment of submitted bids, including the prevention of unauthorized access, opening, amendment, or tampering/alteration.

The organization protects submitted tenders from alteration, information leakage, or destruction by using an electronic bid or supplier portal, or by retaining them in a sealed condition by a partial party

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